- Medco Health Solutions
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Medco Health Solutions, Inc. 
Type Public (NYSE: MHS) Industry Healthcare Founded 2003 Headquarters Franklin Lakes, New Jersey Key people David B. Snow, Jr., Chairman and Chief Executive Officer
Kenneth O. Klepper, President and Chief Operating OfficerProducts Pharmacy Benefit Management Revenue 
$59.8 Billion USD (2009)Net income $1.3 Billion USD (2009)Employees 23,000 Website medcohealth.com Medco Health Solutions, Inc (NYSE: MHS) is a health care company currently serving the needs of more than 65 million people. Medco provides pharmacy services for private and public employers, health plans, labor unions, government agencies, and individuals served by Medicare Part D Prescription Drug Plans. Medco is a member of the S&P 500 and is ranked number 35 on the Fortune 500 list, with 2009 revenues of more than $59.8 billion.
Contents
History
Medco became an independent company in August 2003.[1] Medco Containment Services, Inc., founded in 1983 by Martin Wygod. It was named one of Fortune magazine’s 2010 World's Most Admired Companies.
Lawsuit
In 2004 Medco settled a lawsuit brought by 20 states alleging that they failed to disclose incentives they received from drug companies and improperly switched or pressured doctors to switch patient's medication in pursuit of profit. Medco Health Solutions has agreed to pay the United States $155 million plus interest to settle allegations that it defrauded the government. [2][3]
Acquisitions
In 2005 Medco acquired Accredo Health for $2.2 billion,[4] a large specialty pharmaceutical operation, including a division that Accredo Health purchased from Gentiva Health Services in 2002.
In 2007, Medco acquired diabetes care leader Liberty Medical Supply, Inc., creating a leading provider of diabetes care services with approximately 4 million patients under treatment.[citation needed]
In 2009, Medco established the Medco Research Institute – an evidence-based research organization
In 2010, Medco acquired DNA Direct, a leader[citation needed] in providing guidance and decision support to payors, physicians and patients on a range of complex issues related to genomic medicine.
• In March 2008, Medco launched a collaboration with Sweden’s (then) government-operated retail pharmacy authority, Apoteket, to develop and deliver the first automated electronic prescription review system to improve clinical and financial outcomes for Swedish patients and the country’s healthcare system.[citation needed]
• In April 2008, Medco acquired a majority interest in Europa Apotheek, a privately held company based in the Netherlands that primarily provides mail-order and specialty pharmacy services in Germany. In December 2009, Europa Apotheek Venlo acquired shop-apotheke.com - one of Germany’s online OTC and healthcare product sites.
• In August 2009, Medco formed a joint venture with United Drug plc, a pan-European healthcare leader, to provide home-based pharmacy care services in the United Kingdom for patients covered by the country’s National Health Service.
• In June 2010, Medco formed a joint venture with Celesio AG, one of the international service providers within the European pharmaceutical and healthcare markets.
Pharmacies
Medco operates nine mail-order pharmacies and six call center pharmacies, and it partners with a nationwide network of approximately 60,000 retail pharmacies. Medco’s automated pharmacies located in Las Vegas and Willingboro, NJ, together have the capacity to fill more than 2 million prescriptions per week. Medco commenced construction of a third, next-generation automated dispensing pharmacy in Whitestown, Indiana, which is expected to be operational in 2010.
Medco’s mail-order business generated $22 billion in 2009 net revenues and is one of the largest pharmacy operations in the United States. In 2009, 103 million of the 695 million prescriptions Medco filled were processed through its mail-order pharmacies.
Medco holds 31 U.S. patents for patient data management, front-end pharmacy technology and automated pharmacy technology, and 33 international patents for automated pharmacy-dispensing technology.
References
- ^ http://www.nytimes.com/2003/08/20/business/20MEDC.html?ex=1376798400&en=f4b83ba327a332f3&ei=5007&partner=USERLAND
- ^ http://www.kaisernetwork.org/daily_reports/rep_index.cfm?DR_ID=23411
- ^ http://www.consumeraffairs.com/news04/2006/10/medco_settles.html
- ^ http://www.webpronews.com/topnews/2005/02/23/medco-and-accredo-combine
External links
Categories:- Companies established in 2003
- Companies based in Bergen County, New Jersey
- Corporate crime
- Pharmacy Benefit Management companies based in the United States
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